Las Vegas home prices flat last month, but up from year ago
8 March 2013
Las Vegas Valley home prices were flat last month compared with January but still outpaced prices from a year earlier.
The median price of single-family homes sold in the region in February was $150,000, unchanged from January but up 24 percent from $121,000 in February 2012, according to a report out today from the Greater Las Vegas Association of Realtors.
A total of 3,232 previously owned homes were sold in the valley last month. That’s up from 2,821 in January but below February 2012’s total of 3,794.
Short sales, in which lenders agree to sell a home for less than what’s owed on the mortgage, accounted for 38 percent of all deals last month. Sales of bank-owned homes comprised 10 percent of February’s total.
Meanwhile, inventory keeps shrinking. The number of homes up for sale on the GLVAR’s listing service at the end of February was 14,120, down 25 percent from a year earlier.
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